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BOA Cash Rewards credit card?

soxfaininfl
Frequent Contributor

BOA Cash Rewards credit card?

Hi Everyone,

 

I'm considering apply for the Cash Rewards CC, and I wanted to know what data points are needed to get this credit card? I have been a BOA customer since 2014 (only have a saving now), but I haven't had a CC with them in over 15 years.

 

Here are my current data points:

12% UTL (Income 125k) and my scores are as following: 

EX 672

TU 683

EQ 681

6 new accounts in the last 12 months.

INQ counts:

EX 8

TU 6

EQ 4

 

One 30 day late that occured in July of 2018 due to a banking issue (currently disputing) in 2 1/2 years.

 

I do have a BK 7 on my CR's that is a little over 2 1/2 years old (Discharge 4/2017), and BOA was not included. I did apply with BOA in December of 2017, and I was declined (BK7 was only 7 months old). I was offered their secured card at at time. I did decline it, but I regret it now.









Message 1 of 25
24 REPLIES 24
840flippedto480
Established Member

Re: BOA Cash Rewards credit card?


@soxfaininfl wrote:

Hi Everyone,

 

I'm considering apply for the Cash Rewards CC, and I wanted to know what data points are needed to get this credit card? I have been a BOA customer since 2014 (only have a saving now), but I haven't had a CC with them in over 15 years.

 

Here are my current data points:

12% UTL and my scores are as following: 

EX 672

TU 683

EQ 681

6 new accounts in the last 12 months.

INQ counts:

EX 8

TU 6

EQ 4

 

I do have a BK 7 on my CR's that is 2 1/2 years old, and BOA was not included. I did apply with BOA in December of 2017, and I was declined (BK7 was only 7 months old). I was offered their secured card at at time. I did decline it, but I regret it now.


Don't know what other cards you have, but being you have a BK that recent on your reports, you might want to wait a bit and let a couple INQ's age off and newer accounts age before applying.  You'd be in a better postion to  be approved at that point.  You could also get your UTIL under 9% during that time.  Just my 2 cents.

Message 2 of 25
MaizeandBlue
Senior Contributor

Re: BOA Cash Rewards credit card?

BofA application rules:  Bank of America ‘7/12 Rule’ & ‘3/12 Rule’ for New Cards

 

Given these rules and the presence of a BK I would think an app would be on the borderline for approval.





Message 3 of 25
soxfaininfl
Frequent Contributor

Re: BOA Cash Rewards credit card?


@840flippedto480 wrote:Don't know what other cards you have, but being you have a BK that recent on your reports, you might want to wait a bit and let a couple INQ's age off and newer accounts age before applying.  You'd be in a better postion to  be approved at that point.  You could also get your UTIL under 9% during that time.  Just my 2 cents.

I don't know if BOA is INQ sensitive, so that's why I was seeking advice. Yeah I'll get my UTL below 9%. I only have 1 card above 30% (65%) UTI, but I have it for 15 months at 0% interest. I have Kohls, Tires Plus and several subprime cards (Ollo, Merrick, Creditone, Avant etc) I don't use anymore but I keep for higher UTI and longer age of accounts. I will get rid of them once I'm back with most of the creditors I burned. I've acquired the following cards in the last 13 months:

Home Depot12/1/2018
Best Buy1/1/2019
Amazon Prime Store Credit6/1/2019
Talbots7/1/2019
BMW Motor Card9/1/2019
QuickSilver One9/1/2019
Sync Rooms to Go9/1/2019
Target Red Card9/1/2019

 

Best Buy will age off at the end of the month, so I'll be at 6/12. Thanks for the advice. 









Message 4 of 25
soxfaininfl
Frequent Contributor

Re: BOA Cash Rewards credit card?


@MaizeandBlue wrote:

BofA application rules:  Bank of America ‘7/12 Rule’ & ‘3/12 Rule’ for New Cards

 

Given these rules and the presence of a BK I would think an app would be on the borderline for approval.


I don't know what BOA's policy is on BK's and how old they need to be since I didn't burn them? I know with Amex it has to be 5 years old and Chase (I currently bank with them) you can forget about apping until the BK falls of our reports. Also, if they decline me will they offer me the securd card again?









Message 5 of 25
CS1974
Valued Contributor

Re: BOA Cash Rewards credit card?

Maybe hold off until 2020 to apply.

If they offered you a secured card again would you accept this time to get in?
July 2020
Experian Fico 8. 707
Transunion Fico 8. 705
Equifax Fico 8. 724

Capital one QS1. $2450
Discover IT Cashback. $12,000
PNC cash rewards signature Visa. $17,500
Chase SW rapid rewards signature visa $6900
Amex Green Card NPSL POT $11,000

Amex Hilton Honors $1000
Citi Rewards $3900
Message 6 of 25
soxfaininfl
Frequent Contributor

Re: BOA Cash Rewards credit card?


@CS1974 wrote:
Maybe hold off until 2020 to apply.

If they offered you a secured card again would you accept this time to get in?

Absolutley I would accept it, so I can get with them. I just don't know if they do that anymore. I burned the following major creditors: 

Amex (Plan to pay them back 2,500 once my BK is 5 years old)

Chase (No chance in hell to get back with them due to my BK)

Discover (Will go secured route)

Citi-Bank (Will go secured route)

Barclays (Not interested in the Uber Card anymore)

Capital1 (Already in with them via unsecured)









Message 7 of 25
Loquat
Moderator

Re: BOA Cash Rewards credit card?

BoA is more of a relationship type of bank. A good and healthy relationship can overcome a multitude of things. I'm an example of such. I was approved for 3, yes 3 different BoA cards...2 of them while I was still in BK13.

Yep, you read it right. I was in my 4th year of a 5 year BK13 and was approved for 2 cards during that time. Cash Rewards and Travel Rewards. My BK13 is still alive and well on my report for a few more months and then it'll fall off but post BK13 discharge I applied for and was approved for the Alaska Airlines VS card as well.

Now I do have most of my banking with them and have been with them without blemish for a 22 years. I have to believe that is the ONLY reason they turned a blind eye to me being in a BK13 and approving me for 2 cards and then an additional post discharge.

So yea...relationship with them can overcome a multitude of things. And of the 3 approvals, all were instant...no need for review or recon and my scores at the time of approval while in the BK13 were mid to high 600's.

Message 8 of 25
soxfaininfl
Frequent Contributor

Re: BOA Cash Rewards credit card?


@Loquat wrote:

BoA is more of a relationship type of bank. A good and healthy relationship can overcome a multitude of things. I'm an example of such. I was approved for 3, yes 3 different BoA cards...2 of them while I was still in BK13.

Yep, you read it right. I was in my 4th year of a 5 year BK13 and was approved for 2 cards during that time. Cash Rewards and Travel Rewards. My BK13 is still alive and well on my report for a few more months and then it'll fall off but post BK13 discharge I applied for and was approved for the Alaska Airlines VS card as well.

Now I do have most of my banking with them and have been with them without blemish for a 22 years. I have to believe that is the ONLY reason they turned a blind eye to me being in a BK13 and approving me for 2 cards and then an additional post discharge.

So yea...relationship with them can overcome a multitude of things. And of the 3 approvals, all were instant...no need for review or recon and my scores at the time of approval while in the BK13 were mid to high 600's.


Wow, I guess it does! That's awesome! I called BOA tonight because I had a question and right before I ended the call with the CSR, he thanked me for my 19 years of membership. I didn't realize it had been that long. I'm gonna wait till I'm exactly 6/12 which is at the end of the month. 









Message 9 of 25
Cane
Established Member

Re: BOA Cash Rewards credit card?

I applied last week for the same card and was approved on monday. Since I was given a notice of a review was further needed.
My util was 25%
Experian was 701 when they pulled it
Equifax was 704
Transunion 694
I've been banking with them for only 6 month
Income 115k, monthly deposits
Opened 2 cc discover it and blue Nile a week before applying
Only had 5 inquiries last 12 months
Message 10 of 25
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